TMI BlogDraft common Income-tax Return-request for inputs from stakeholders and the general public.X X X X Extracts X X X X X X X X Extracts X X X X ..... equest for inputs from stakeholders and the general public- reg. Presently, taxpayers are required to furnish their Income-tax returns in ITR-1 to ITR-7 depending upon the type of person and nature of income. The current ITRs are in the form of designated forms wherein the taxpayer is mandatorily required to go through all the schedules, irrespective of the fact whether that particular schedul ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ntends the smart design of schedules in a user-friendly manner with a better arrangement, logical flow, and increased scope of pre-filling. It will also facilitate the proper reconciliation of third-party data available with the Income-tax Department vis a vis the data to be reported in the ITR to reduce the compliance burden on the taxpayers. 4. The scheme of the proposed common ITR is as foll ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er that each row contains one distinct value only. This will simplify the return filing process. (f) The utility for the ITR will be rolled out in such a manner that only applicable fields of the schedule will be visible and wherever necessary, the set of fields will appear more than once. For example, in the case of more than one house property, the schedule HP will be repeated for each prop ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed sample ITRs for the firm and company in Annexure C and Annexure D respectively are also enclosed for illustrative purposes. Annexure A is a consolidated document containing all the questions, schedules, and detailed instructions thereon. It is reiterated that only relevant questions/schedules will apply to a taxpayer. Once the common ITR Form is notified, after taking into account the inputs re ..... X X X X Extracts X X X X X X X X Extracts X X X X
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